Thrivent Financial for Lutherans Lowers Stock Holdings in Columbia Banking System, Inc. (NASDAQ:COLB)

Thrivent Financial for Lutherans lessened its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 2.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 356,335 shares of the financial services provider’s stock after selling 9,470 shares during the quarter. Thrivent Financial for Lutherans owned about 0.17% of Columbia Banking System worth $7,087,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Retirement Systems of Alabama raised its position in Columbia Banking System by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 261,930 shares of the financial services provider’s stock worth $5,068,000 after buying an additional 700 shares during the last quarter. Treasurer of the State of North Carolina lifted its position in Columbia Banking System by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 92,202 shares of the financial services provider’s stock valued at $2,460,000 after purchasing an additional 900 shares during the period. Abich Financial Wealth Management LLC boosted its holdings in Columbia Banking System by 85.1% in the 1st quarter. Abich Financial Wealth Management LLC now owns 2,219 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,020 shares in the last quarter. Arizona State Retirement System increased its position in Columbia Banking System by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 58,406 shares of the financial services provider’s stock worth $1,162,000 after purchasing an additional 1,085 shares during the period. Finally, State of Michigan Retirement System raised its stake in shares of Columbia Banking System by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 51,241 shares of the financial services provider’s stock worth $992,000 after buying an additional 1,200 shares in the last quarter. 92.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on COLB shares. Barclays lifted their price target on Columbia Banking System from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target on shares of Columbia Banking System in a research note on Wednesday, June 5th. JPMorgan Chase & Co. boosted their price objective on shares of Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Royal Bank of Canada increased their target price on shares of Columbia Banking System from $21.00 to $26.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Finally, Stephens boosted their price target on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Eleven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Columbia Banking System currently has an average rating of “Hold” and a consensus target price of $25.42.

Columbia Banking System Stock Performance

Shares of NASDAQ:COLB opened at $25.97 on Friday. The business’s fifty day moving average price is $24.45 and its two-hundred day moving average price is $21.06. The stock has a market cap of $5.44 billion, a PE ratio of 11.15 and a beta of 0.64. Columbia Banking System, Inc. has a one year low of $17.08 and a one year high of $28.11.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The business had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. During the same quarter last year, the company earned $0.81 earnings per share. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, equities research analysts predict that Columbia Banking System, Inc. will post 2.55 earnings per share for the current fiscal year.

Columbia Banking System Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 23rd were issued a dividend of $0.36 per share. The ex-dividend date was Friday, August 23rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.54%. Columbia Banking System’s dividend payout ratio (DPR) is presently 61.80%.

Columbia Banking System Profile

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.